Glossary

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Certificate of Sale
The certificate of sale is the document that a buyer receives when he or she purchases a property at a tax foreclosure sale. Though this document in itself does not convey title to the purchaser, it does signify that the holder of the property successfully received the title. It also signifies that the holder of the property paid the property taxes during the interim foreclosure period. This document is more of a placeholder than anything else. In many states, though, it will convey important rights to the purchaser of the property. For instance, it may state that the purchaser has the right to take possession of the property at a determined date after the sale. Because of the purchaser is usually not allowed to take possession immediately after the sale, it is important to have this document to give the purchaser some direction on his or her rights.